The market in White Marsh has continued its steady roll, but there wasn’t a significant pop in sales during March of 2017. The volume, as usual, was mostly in the 21236 zip code, but there was some action in the 21162, mostly due to the developing that Ryan Homes is doing there in two different communities.
The total volume was steady at about $9.5 million in March, 2017, which was a 2% bump over the same month a year ago. 43 homes sold in the area, which, while more than many similarly sized zip codes, was only 2.38% over the same time last year, which represented an average sales price of $221,000. It took slightly less time to sell a home, with the days on market dropping to only 71 days.
The main story in most markets has been about homes inventory, which has reduced by about 20% in most nearby markets, but real estate listings in White Marsh, MD has stayed relatively firm. The number of active listings on the market when the statistic was recorded was 99, which was only 7.5% less than last year, so even though the inventory is lower than last year, the pace at which it has dropped is lower than most nearby markets.
Another factor that should be considered in White Marsh, MD is the number of pending sales, which are the number of homes currently under contract. This is the single best near-future indicator of homes sold, and in this market they are down considerably. The number of pending sales was 75 in March, 2017, which was a 24% drop over a year ago, suggesting that the either the market may be cooling down, or that March was just an anomaly; this is something we certainly need to keep an eye on.
The highest sales price took place in the Red Lion area of the 21162 zip code at one of Ryan’s newest communities. It was on Autumn Terrace drive, which is off Red lion rd., which is parallel to route 40 and off Ebenezer rd. Since it’s new construction, it had a base price of $454,990, and after all of the upgrades, the final sales price was $547,000. A picture of the property is below. (picture courtesy of MRIS).